The US Justice Department (DoJ) has seized six virtual currency accounts, which were allegedly utilized to launder funds for several cryptocurrency investment scams. The seized accounts, along with an estimated $112 million in virtual currency, were obtained through warrants issued by judges in Arizona, California, and Idaho. The scammers reportedly lured investors into fake crypto trading platforms and then transferred the funds to their own wallets.
Authorities investigating the case have promised to recover as much of the funds as possible and return them to the victims. The scheme, as described in the DoJ’s statement, displays the typical characteristics of a “pig-butchering scam,” where the fraudsters establish long-term relationships with their victims online.
